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RICHA BHATIA

Posted: Jan 07, 2008 at 0000 hrs IST

When Mahinder Midha who works in a garment-buying house was looking for a piece of art for his home in Navjivan Vihar, he rented it from Adeshwar Puri’s Art Bank in Bhikaji Cama Place in Delhi. A budding collector, Midha has rented two-art works of his favourite artist Jogen Choudhary for ten lakhs. “My favourite artists are out of my budget, so I decided to rent from an agency,” explains Midha. Call it drawing room art or just a trend among well-heeled executives who are looking for quick fixes in the art boom, without really wasting time understanding the finer nuances of paintings and art styles. Puri, 60, has a very blunt take on his three month old initiative. “People who invest heavily in the stock market are renting art merely to speculate,” he insists. “They are pseudo-intellectuals, have little understanding and believe it’s safer to test the waters first.”

Puri’s own collection boasts of a 100 paintings. Renting out his art occurred to him when at an art fair held at Chinmay Mission at Lodhi Road last year, he interacted with customers and figured out their preferences about colour, sizes and large prints. He then outsourced work from 12 collectors and has also made an extensive list of 112 emerging artists who rent out their works. “For Rs 100, an artist can sign up for a yearly membership and get returns on his art,” he says.

The time span varies from three months to six months, to a year. “The customer has the flexibility to change the work thrice and even own it at the end of the year after paying the full price,” explains Puri. But, the price tag is quite forbidding. A one-by-one canvas of Husain, costs Rs 5000 a month. The paintings are graded and the rental price is determined by the availability of work with the collector. And of course, the greater the artist the more expensive it is to rent his works. The lowest price for 3 months is Rs 500. The A-grade list consists of Raza, Souza, Husain and Choudhary while emerging artists like Ramesh Rana and Kusum Jain fall into the B-category, then there are the artists who’s works are priced at under a lakh. Puri, gets 20 per cent on each package.

As for maintenance, Puri agrees he has learnt from past mistakes. “The first time we rented a package, we did not insure. But now there is a penalty clause which says the customer is liable to pay full price. If the customer demurs, we get the paintings insured,” says Puri. But the 12 A-grade artist are definitely insured, he adds.

Not lagging behind in the corporate race, private bank HDFC has also commissioned a package for their main branch and regional offices in Delhi for an estimated Rs 10 lakhs. Banks, hospitals, malls, real estate companies are hiring a mix of photo-prints and small frames to get the corporate look. They look for uniformity in work, nothing high-brow. Puri has also commissioned eight state level artists from different states to do a tribal series for the 2009 calender. Come September, the work would also be displayed in Vigyan Bhavan in Delhi.

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